Mankind Q1 FY27: The Three-Ball Act Continues; Growth Doesn‘t. Multiples Recalibration Looks Increasingly Likely!

Research evidence excerpt

Mankind Q1 FY27: The Three-Ball Act Continues; Growth Doesn‘t. Multiples Recalibration Looks Increasingly Likely!

31 July 2026

Nandan Kulkarni

+91 22 6842 1436

India Healthcare nandan.kulkarni@bernsteinsg.com

Mankind Pharma Ltd Shirsh Sawarna

+91 226 842 1492

Rating shirsh.sawarna@bernsteinsg.com

Underperform

Price Target

MANKIND.IN 2,057.00 INR

Mankind Q1 FY27: The Three-Ball Act Continues; Growth Doesn't.

Multiples Recalibration Looks Increasingly Likely!

Our May 2026 initiation Link framed Mankind around three balls: efficiency, innovation Close Date 30 Jul 2026

and inorganic growth. Q1 reinforces that execution remains uneven. Mankind reported

MANKIND.IN Close Price (INR) 2,575.90

sales of ~INR 40bn, in line with our pre-result forecast of ~13% growth, while EBITDA and

Price Target (INR) 2,057.00

PAT were also broadly in line with our estimates.

Upside/(Downside) (20)%

First, the loss of sales muscle in the Acute basket, historically Mankind’s core moat, remains 52-Week Range 2,674.00/1,909.70

visible. Our analysis suggests both Acute and Chronic grew slower than the domestic ASIAX 1,808.17

market (IPM) in Q1. Management believes Acute is still recovering from sales-force changes FYE Mar

undertaken eighteen months ago; we believe eight-ten quarters is too long for a recovery Div Yield 0.0%

to reflect, especially at a compounded cost of capital over two straight years. Consumer Market Cap (INR) (B) 1,063.84

Wellness grew just ~3.9%, in line with our initiation thesis. While management attributed EV (INR) (B) 1,109.36

part of the slowdown to the discontinuation of cash-and-carry sales, we believe rising Performance YTD 1M 6M 12M

competition from emerging private startups and Mankind’s slower pace of new brand Absolute (%) 17.3 1.2 21.3 0.3